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Mortgage Arrears

Mortgage arrears occur for many reasons, loss of job, illness, and other life problems.
If you have sufficient home equity, we can help. Depending on your own unique situation we can pay off your existing first mortgage and increase the loan amount or leave your existing first mortgage in place and pay up the arrears and other debt you may have by way of a second mortgage.

Mortgage arrears can be an awfully stressful experience, let a friendly New Haven underwriter explain how we can help you immediately.

Once you “fall into arrears” with your existing lender, they handle the situation for the most part the same way. First, they make a courtesy call to advise your cheque has been returned. In most cases, if you manage your bank account properly, you will or should have known before your lender has called to say that your cheque was returned.

You should always tell the truth when the lender calls you and explain your situation.

Do not deny the problem or advise automatically it was a bank error. Your lender may ask for the bank to furnish a letter attesting to this error. If they do not, because the bank is not at fault you will loose much credibility with your current lender.
Remember, if you ignore the lenders telephone calls or correspondence this can make matters worse in terms of future dealings or immediate legal action.
It is usually much easier to attempt to correct your problem prior to the existing lender instructing their solicitor to issue a demand letter or start enforcement proceedings.
You will find most lenders are pleasant and reasonable to deal with when a borrower acts in good faith with their intentions and promptly returns calls.

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